论跨境监管套利的风险规制  

On risk regulation of cross-border regulatory arbitrage

作　　者：刘凤元 邱铌 LIU Fengyuan;QIU Ni(School of International Financial Law,East China University of Political Science and Law,Shanghai 200042,China;School of Economic Law,East China University of Political Science and Law,Shanghai 200042,China)

机构地区：[1]华东政法大学国际金融法律学院,上海200042 [2]华东政法大学经济法学院,上海200042

出　　处：《中南大学学报（社会科学版）》2022年第4期42-52,共11页Journal of Central South University：Social Sciences

摘　　要：跨境监管套利是企业利用国家、地区间法律制度的差异,主动选择监管环境以降低监管成本的市场行为,可能带来监管竞次、数据泄露和风险跨境流动等隐忧,需得到有效的法律规制。监管差异和不完备法律是监管套利生成的内外机理。目前关于跨境监管套利的规制路径多指向消除监管差异,但会忽视监管差异生成的客观背景并可能挫伤套利所兼具的正向价值。跨境监管套利的风险规制应从不完备法律入手,完善境内融资制度并加强全流程的跨境监管合作,同时强化跨部门的综合性监管,提高原则在监管规范体系中的地位。Cross-border regulatory arbitrage is a market behavior that enterprises conduct by taking advantage of the differences in legal systems between countries and regions to actively choose the regulatory environment to reduce regulatory costs,which may bring hidden worries such as race to the bottom,data leakage,and cross-border flow of risks,and needs to be effectively regulated by law.Regulatory differences and incomplete laws are the internal and external mechanisms for the generation of regulatory arbitrage.The current regulatory paths mostly point to the elimination of regulatory differences,but may ignore the objective context of regulatory differences and may frustrate the positive value of arbitrage.The risk regulation of cross-border regulatory arbitrage should start from incomplete law,improve the domestic financing system,enhance the whole process of cross-border regulatory cooperation,strengthen comprehensive cross-sectoral regulation,and emphasize the status of"principles"in the regulatory system.

关 键 词：监管套利 跨境监管 一价定律 不完备法律 国家安全 

分 类 号：D912.28[政治法律—民商法学]